§1262. Deficiency of deposit
If for any reason the market value of securities of an insurer held on deposit in this State as required under this Title falls below the required amount, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days after receipt of notice thereof by registered mail from the superintendent, the superintendent shall forthwith revoke the insurer's certificate of authority. [PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
Structure Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 15: ADMINISTRATION OF DEPOSITS
24-A §1251. Authorized deposits of insurers
24-A §1252. Purpose of deposit
24-A §1253. Securities eligible for deposit
24-A §1254. Depositary; records
24-A §1255. Responsibility for safekeeping
24-A §1256. Custodial arrangements
24-A §1257. Assignment, transfer of securities or assets
24-A §1260. Rights of insurer during solvency